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So what: The stock has rallied in recent weeks on optimism coming into the quarter, but today's wide miss -- Q1 adjusted EPS of $0.12 versus the consensus of $0.08 -- coupled with downbeat guidance is forcing Mr. Market to quickly sober up. While Steelcase's organic revenue grew 8%, orders in the Americas were flat over the year-ago period, giving analysts plenty of uncertainty over its growth trajectory going forward.

Now what: Management now sees Q2 adjusted EPS of $0.22-0.26 on revenue of $760 million-$785 million, well below the consensus of $0.28 and $794.05 million, respectively. "[W]e remain optimistic about the longer-term potential across EMEA and Asia Pacific as we continue to improve our competitiveness," President and Chief Executive Officer Jim Keane reassured investors. "Projects like the one we announced today are always challenging, and I am thankful for an organization dedicated to our success and ready to address those challenges." More important, with Steelcase shares now off more than 15% from their 52-week highs and trading at a forward P/E in the low teens, Mr. Market might finally be offering a decent price to buy into that bullishness.